Nowadays, many individuals filing for divorce are in serious financial distress. These individuals are often considering a St. Louis Chapter 7 bankruptcy filing in addition to dissolving their marriage. Filing for St. Louis bankruptcy prior to divorcing has some serious benefits. Here are a few reasons why you might want…
Short sales and foreclosures often result in forgiveness of debt for the borrower. Forgiven debt can result in taxable income. Since the amount of debt forgiven is often quite large, this can be a scary proposition to a lot of debtors. The good news is that if your mortgage debt…
My St. Louis bankruptcy clients are always sad to learn that Chapter 13 and Chapter 7 bankruptcy cannot discharge their student loan debt. Even after receiving a discharge of the rest of your debt, it can still be hard to come up with the monthly payments on student loans. If…
There are certain documents that a bankruptcy trustee must review before they can file their report that your case is eligible to be discharged. We remind our St. Louis Chapter 7 bankruptcy clients of the documents they must bring to their 341 meeting of creditors on several different occasions prior…
When you file for St. Louis Chapter 7 bankruptcy or St. Louis Chapter 13 bankruptcy, the end result is called a ‘discharge of debts.’ This means that your unsecured creditors, including credit cards, medical bills, payday loans, deficiency on a repossession, etc, are knocked out. The slate is wiped clean,…
Many of my St. Louis bankruptcy clients are facing foreclosure at the time they come in for their free consultation. These clients want to know if filing Chapter 7 or Chapter 13 bankruptcy will stop their foreclosure sale. Chapter 7 Bankruptcy Filing for relief under Chapter 7 of the bankruptcy…
This is a question asked by many of my St. Louis bankruptcy clients at this time of year. The answer is: sometimes yes, sometimes no. Let me give a fuller answer by explaining how tax refunds work in a Chapter 7 and a Chapter 13 separately. We’re currently right in…
Most of my St. Louis bankruptcy clients have exhausted all of their options for resolving their financial problems before coming to speak with me. These options usually include debt settlement or debt consolidation programs. Most people believe that doing a debt settlement or consolidation program is better than filing for…
This is exactly what one of my St. Louis bankruptcy clients asked me just yesterday. He called in a panic, telling me about how some collection agency had threatened to put him in jail if he did not come current on his bill. The fear in my client’s voice was…
More than one million homes were foreclosed upon last year, and, according to industry analysts, the rate of foreclosure is expected to rise in 2011. The increase in foreclosures is due to high unemployment rates, decreasing property values, and greater difficulty in getting refinanced. Some lenders halted foreclosures in 2010,…